Hi Nash,
None of the 450 will be for sales. It is all for milestones, hence the term milestone payments.
Sales revenue is from the teired double digit royalties.
Thats how I read it anyway. Happy to be proved wrong. Latest analyst report does break down what a few milestones are likely to be but technically no one has seen them yet.
Bell Potter lifts target to A$4.40/Share Vs A$3.75, page-94
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